Business News Update

Alaska legislators vote today on whether to give a Canadian company the green light to pursue a natural gas pipeline project which could unlock North Slope daily gas reserves of 130 million cubic metres.

The legislators will decide whether to support or reject the proposal of the Alaskan Governor to award TransCanada Corporation an exclusive license to pursue US government certification for a nearly 2,800 km pipeline.

Meanwhile, oil prices gained just over $2 yesterday and moved as high as $132 per barrel, after weekend nuclear program talks with Iran went nowhere and concern increased about possible disruption of oil operations in the Gulf of Mexico due to tropical storm Dolly.